Front Matter

Front Matter

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
October 2015
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    Annual Report on Exchange Arrangements and Exchange Restrictions 2015

    International Monetary Fund

    ©2015 International Monetary Fund

    Cataloging-in-Publication Data

    Joint Bank-Fund Library

    Annual report on exchange arrangements and exchange restrictions 2015. – Washington, D.C. : International Monetary Fund, 2015.

    • pages ; cm.

    • Includes bibliographical references.

    • ISBN: 978-1-51352-879-3 (Print)

    • ISBN: 978-1-51355-000-8 (PDF)

    • ISBN: 978-1-51357-584-1 (ePub)

    • ISBN: 978-1-51357-423-3 (Mobi)

    1. Foreign exchange – Law and legislation. 2. Foreign exchange administration. I. International Monetary Fund.

    K4440.A13 I57 2015

    ISSN (Online) 2304-0831

    ISSN (Print) 0250-7366

    Disclaimer: The analysis and policy considerations expressed in this publication are those of the IMF staff and do not represent official IMF policy or the views of the IMF Executive Directors or their national authorities.

    Recommended citation: International Monetary Fund, Annual Report on Exchange Arrangements and Exchange Restrictions (Washington, October 2015).

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    Contents

    Country Chapters1

    Afghanistan

    Albania

    Algeria

    Angola

    Antigua and Barbuda

    Argentina

    Armenia

    Aruba

    Australia

    Austria

    Azerbaijan

    The Bahamas

    Bahrain

    Bangladesh

    Barbados

    Belarus

    Belgium

    Belize

    Benin

    Bhutan

    Bolivia

    Bosnia and Herzegovina

    Botswana

    Brazil

    Brunei Darussalam

    Bulgaria

    Burkina Faso

    Burundi

    Cabo Verde

    Cambodia

    Cameroon

    Canada

    Central African Republic

    Chad

    Chile

    China

    Colombia

    Comoros

    Democratic Republic of the Congo

    Republic of Congo

    Costa Rica

    Côte d’Ivoire

    Croatia

    Curaçao and Sint Maarten

    Cyprus

    Czech Republic

    Denmark

    Djibouti

    Dominica

    Dominican Republic

    Ecuador

    Egypt

    El Salvador

    Equatorial Guinea

    Eritrea

    Estonia

    Ethiopia

    Fiji

    Finland

    France

    Gabon

    The Gambia

    Georgia

    Germany

    Ghana

    Greece

    Grenada

    Guatemala

    Guinea

    Guinea-Bissau

    Guyana

    Haiti

    Honduras

    Hong Kong SAR

    Hungary

    Iceland

    India

    Indonesia

    Islamic Republic of Iran

    Iraq

    Ireland

    Israel

    Italy

    Jamaica

    Japan

    Jordan

    Kazakhstan

    Kenya

    Kiribati

    Korea

    Kosovo

    Kuwait

    Kyrgyz Republic

    Lao P.D.R.

    Latvia

    Lebanon

    Lesotho

    Liberia

    Libya

    Lithuania

    Luxembourg

    Former Yugoslav Republic of Macedonia

    Madagascar

    Malawi

    Malaysia

    Maldives

    Mali

    Malta

    Marshall Islands

    Mauritania

    Mauritius

    Mexico

    Micronesia

    Moldova

    Mongolia

    Montenegro

    Morocco

    Mozambique

    Myanmar

    Namibia

    Nepal

    Netherlands

    New Zealand

    Nicaragua

    Niger

    Nigeria

    Norway

    Oman

    Pakistan

    Palau

    Panama

    Papua New Guinea

    Paraguay

    Peru

    Philippines

    Poland

    Portugal

    Qatar

    Romania

    Russia

    Rwanda

    St. Kitts and Nevis

    St. Lucia

    St. Vincent and the Grenadines

    Samoa

    San Marino

    São Tomé and Príncipe

    Saudi Arabia

    Senegal

    Serbia

    Seychelles

    Sierra Leone

    Singapore

    Slovak Republic

    Slovenia

    Solomon Islands

    Somalia

    South Africa

    South Sudan

    Spain

    Sri Lanka

    Sudan

    Suriname

    Swaziland

    Sweden

    Switzerland

    Syria

    Tajikistan

    Tanzania

    Thailand

    Timor-Leste

    Togo

    Tonga

    Trinidad and Tobago

    Tunisia

    Turkey

    Turkmenistan

    Tuvalu

    Uganda

    Ukraine

    United Arab Emirates

    United Kingdom

    United States

    Uruguay

    Uzbekistan

    Vanuatu

    Venezuela

    Vietnam

    Yemen

    Zambia

    Zimbabwe

    Preface

    The Annual Report on Exchange Arrangements and Exchange Restrictions has been published by the IMF since 1950. It draws on information available to the IMF from a number of sources, including that provided in the course of official staff visits to member countries, and has been prepared in close consultation with national authorities.

    This project was coordinated in the Monetary and Capital Markets Department by a staff team directed by Karl F. Habermeier and comprising Chikako Baba, Ricardo Cervantes, Salim Darbar, Ivett Jamborne Hankoczy, Annamaria Kokenyne, Jorge Lugo, and Viktoriya Zotova. It draws on the specialized contribution of that department (for specific countries), with assistance from staff members of the IMF’s five area departments, together with staff of other departments. The Special Topic was prepared by Salim Darbar and Viktoriya Zotova. The report was edited and produced by Linda Griffin Kean, Linda Long, and Lucy Scott Morales of the Communications Department.

    Abbreviations

    AANZFTA

    ASEAN–Australia–New Zealand Free Trade Agreement

    ACU

    Asian Clearing Union (Bangladesh, Bhutan, India, Islamic Republic of Iran, Maldives, Myanmar, Nepal, Pakistan, Sri Lanka)

    AD

    Authorized dealer

    AFTA

    ASEAN Free Trade Area (see ASEAN, below)

    AGOA

    African Growth and Opportunity Act (United States)

    AMU

    Asian monetary unit

    ASEAN

    Association of Southeast Asian Nations (Brunei Darussalam, Cambodia, Indonesia, Lao P.D.R., Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam)

    BCEAO

    Central Bank of West African States (Benin, Burkina Faso, Côte d’Ivoire, Guinea–Bissau, Mali, Niger, Senegal, Togo)

    BEAC

    Bank of Central African States (Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, Gabon)

    CACM

    Central American Common Market (Belize, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua)

    CAFTA

    Central American Free Trade Agreement

    CAP

    Common agricultural policy (of the EU)

    CARICOM

    Caribbean Community and Common Market (Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago); The Bahamas is also a member of CARICOM, but it does not participate in the Common Market

    CB

    Central bank

    CEFTA

    Central European Free Trade Area (Bulgaria, Hungary, Poland, Romania, Slovak Republic, Slovenia)

    CEMAC

    Central African Economic and Monetary Community (members of the BEAC)

    CEPGL

    Economic Community of the Great Lakes Countries (Burundi, Democratic Republic of the Congo, Rwanda)

    CET

    Common external tariff

    CFA

    Communauté financière d’Afrique (administered by the BCEAO) and Coopération financière en Afrique centrale (administered by the BEAC)

    CIMA Code

    Chartered Institute of Management Accountants Code of Ethics for Professional Accountants

    CIS

    Commonwealth of Independent States (Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyz Republic, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, Uzbekistan)

    CITES

    Convention on International Trade in Endangered Species of Wild Fauna and Flora

    CMA

    Common Monetary Area (a single exchange control territory comprising Lesotho, Namibia, South Africa, and Swaziland)

    CMEA

    Council for Mutual Economic Assistance (dissolved; formerly Bulgaria, Cuba, Czechoslovakia, German Democratic Republic, Hungary, Mongolia, Poland, Romania, U.S.S.R., Vietnam)

    COMESA

    Common Market for Eastern and Southern Africa (Burundi, Comoros, Democratic Republic of the Congo, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Namibia, Rwanda, Seychelles, Sudan, Swaziland, Uganda, Zambia, Zimbabwe)

    EAC

    East African Community

    EBRD

    European Bank for Reconstruction and Development

    EC

    European Council (Council of the European Union)

    ECB

    European Central Bank

    ECCB

    Eastern Caribbean Central Bank (Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines)

    ECCU

    Eastern Caribbean Currency Union

    ECOWAS

    Economic Community of West African States (Benin, Burkina Faso, Cabo Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, Togo)

    ECSC

    European Coal and Steel Community

    EEA

    European Economic Area

    EFSF

    European Financial Stability Facility

    EFSM

    European Financial Stability Mechanism

    EFTA

    European Free Trade Association (Iceland, Liechtenstein, Norway, Switzerland)

    EIB

    European Investment Bank

    EMU

    European Economic and Monetary Union (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands, Portugal, Slovak Republic, Slovenia, Spain)

    EPZ

    Export processing zone

    ERM

    Exchange rate mechanism (of the European monetary system)

    EU

    European Union (formerly European Community; Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, Sweden, United Kingdom)

    FATF

    Financial Action Task Force on Money Laundering (of the OECD)

    FDI

    Foreign direct investment

    FEC

    Foreign exchange certificate

    FSU

    Former Soviet Union

    G7

    Group of Seven advanced economies (Canada, France, Germany, Italy, Japan, United Kingdom, United States)

    GAFTA

    Greater Arab Free Trade Agreement

    GCC

    Gulf Cooperation Council (Cooperation Council for the Arab States of the Gulf; Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates)

    GSP

    Generalized System of Preferences

    IBRD

    International Bank for Reconstruction and Development (World Bank)

    IMF

    International Monetary Fund

    LAIA

    Latin American Integration Association (Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru, Uruguay, Venezuela)

    LC

    Letter of credit

    LIBID

    London interbank bid rate

    LIBOR

    London interbank offered rate

    MCP

    Multiple currency practice

    MERCOSUR

    Southern Cone Common Market (Argentina, Brazil, Paraguay, Uruguay, Venezuela)

    MFN

    Most favored nation

    MOF

    Ministry of finance

    NAFTA

    North American Free Trade Agreement

    OECD

    Organisation for Economic Co-operation and Development

    OECS

    Organization of Eastern Caribbean States (Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines)

    OGL

    Open general license

    OTC

    Over the counter

    PACER

    Pacific Agreement on Closer Economic Relations (of the Pacific Islands Forum; Australia, Cook Islands, Fiji, Kiribati, Marshall Islands, Micronesia, Nauru, New Zealand, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, Vanuatu)

    PICTA

    Pacific Island Countries Trade Agreement (of the Pacific Islands Forum); Cook Islands, Fiji, Kiribati, Marshall Islands, Micronesia, Nauru, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, Vanuatu)

    RCPSFM

    Regional Council on Public Savings and Financial Markets (an institution of WAEMU countries that is involved in issuance and marketing of securities)

    RIFF

    Regional Integration Facilitation Forum (formerly Cross-Border Initiative; Burundi, Comoros, Kenya, Madagascar, Malawi, Mauritius, Namibia, Rwanda, Seychelles, Swaziland, Tanzania, Uganda, Zambia, Zimbabwe)

    SACU

    Southern African Customs Union (Botswana, Lesotho, Namibia, South Africa, Swaziland)

    SADC

    Southern Africa Development Community (Angola, Botswana, Democratic Republic of the Congo, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Zambia, Zimbabwe)

    SDRs

    Special drawing rights

    UCITS

    Undertakings for the Collective Investment of Transferable Securities

    UDEAC

    Central African Customs and Economic Union (Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, Gabon)

    UN

    United Nations

    UNSC

    UN Security Council

    VAT

    Value-added tax

    WAEMU

    West African Economic and Monetary Union (formerly WAMU; members of the BCEAO)

    WAMA

    West African Monetary Agency (formerly WACH)

    WAMZ

    West African Monetary Zone

    W-ERM II

    Exchange rate mechanism (of the WAMZ)

    WTO

    World Trade Organization

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